Piper Jaffray Rates Amylin Overweight

According to Piper Jaffray, Amylin Pharmaceuticals AMLN reported positive results from the thorough QT (tQT) study requested by the FDA in Bydureon's Complete Response Letter. Piper Jaffray said that the study met its primary endpoint showing no prolongation of the QTc interval at or above therapeutic levels of exenatide. “While we believe that presentation of detailed results will be important to remove regulatory overhang, we expect AMLN to trade higher tomorrow on prospects for Bydureon filing in 3Q11 and US launch in 2Q12. Release of additional details from the tQT trial (potentially on 2Q earnings call) and FDA acceptance of the data submission could allow AMLN shares to continue to trade higher.” Amylin Pharmaceuticals closed yesterday at $13.71.